Revolut obtains Australian Credit Licence

Wednesday 9 February 2022 11:23 CET | News

Revolut has been granted an Australian Credit Licence by ASIC to offer credit and personal lending products to the Australian market.

The licence to offer credit and lending products will enable the fintech to further expand its offering in the local market.

In 2021, Revolut has planned for a banking licence in Australia and is engaged in talks with the country's regulator to be allowed to take customer deposits.

Revolut currently offers credit products in parts of Europe and most recently opened a waitlist for personal loans in Ireland, where half of all smartphone users hold a Revolut account.

Revolut Australia has over 100,000 customers since it launched in August 2020. The Revolut app in Australia currently offers a multi-currency transaction account, automated budgeting, remittance services, a cryptocurrency and commodities exchange service, shopping rewards, a donations platform, and linked Junior accounts for children aged 6-17.

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Keywords: Revolut, banking license, digital banking, banks, fintech
Categories: Banking & Fintech
Companies: ASIC, Revolut
Countries: Australia
This article is part of category

Banking & Fintech




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